Urbanbase Receives $1.8 Million Series A Funding

Urbanbase is a startup based out of Seoul, South Korea that specializes in developing virtual reality tools intended for interior design and planning. They recently announced raising $1.8 million in Series A funding. The investors involved in this round include Capstone Partners Korea, CKD Venture Capital, Magellan Technology Investment, and TIPS.

Investors

Capstone Partners Korea invests in startups with innovative new ideas, mainly in the IT manufacturing, internet service, and gaming industries. This venture firm has previously invested in several startups, including Hook Games, WashApp Korea, and RacoonSoft.

CKD Venture Capital is another venture capital firm based in Seoul. It offers investments in seed, early, late, and mezzanine investments. Urbanbase is the only recorded startup with CKD providing investment funds.

Magellan Technology Investment operates as a venture capital firm investing in technology centric start-ups. Magellan has also invested in CMI Tech, Casual Steps, Open Trade, Taggle, and TradLinx Co. over the past three years.

TIPS works to identify and nurture startups with groundbreaking technology and modern ideas. It has previously invested in ALIVE, Bisecu, and Korea Credit Data.

Urbanbase Information

This startup was founded in 2013 by CEO Jinu Ha, who was formerly an architect. The company has raised about $3 million in total funds. The startup owns a patented algorithm that allows them to take 2D floor plans and turn them into virtual spaces in only a couple of minutes. Urbanbase has claimed their technology is more accessible for small companies. The technology lets their users see who how future homes will look. It also allows for testing of various wallpapers, flooring, and furniture.

“Following funding in April, we’ve been able to focus on R&D for our new service and preparation to enter the global market,” says Urbanbase CEO Jinu Ha. “We intend to grow into a core platform in the upcoming age of VR by perfectly recreating environments around the whole world.”

Around 60% of households in Korea are known to live in apartments. The platform that Urbanbase offers lets small businesses reach these people so they can compete with big-box retailers. Urbanbase also has plans to launch augmented reality smartphone apps in the future.

Urbanbase has around 40 partnerships with furniture companies, making available about 4,000 items on the platform. Real estate companies also work with the startup to provide floor plans for many Korean apartment buildings. 3D floor plans are available for every city in Korea, with various layouts at each address.

Co-founder Saejoon Oh has stated that there is little competition for the company as far as Korea goes. However, the company is preparing for the time when big furniture retailers and technology companies will decide to enter the space. For now, the Series A funding will be used to enter China, Japan, and countries located in Southeast Asia.

For those who appreciate 3D interior design, Urbanbase could be an exciting way to set up your own home online, going over the many options. Also, real estate buffs and designers are offered a community area where individuals may share their designs with others using Urbanbase.